The shares fell 0.5 percent to 1.88 euros in the Portuguese
capital, reducing the Oporto-based company’s market value to 385
million euros ($503 million). Trading volume was more than four
times the three-month daily average.

“Investors are always weary when CEOs leave companies,
especially when they have done a very positive job,” said Pedro
Oliveira, a trader at Go Bulling in Lisbon.

Mota-Engil was the second-best performer in Lisbon’s PSI20
index after Banco BPI SA last year, with a 51 percent increase.

As CEO of Mota-Engil for five years, Coelho oversaw the
company’s international expansion to about 20 countries to
counter a slump in the domestic construction sector. Goncalo
Martins, who was the company’s chief financial officer, will
replace Coelho, Mota-Engil said in a regulatory filing
yesterday.